Correlation Between Grand Baoxin and Uxin
Can any of the company-specific risk be diversified away by investing in both Grand Baoxin and Uxin at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Grand Baoxin and Uxin into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Grand Baoxin Auto and Uxin, you can compare the effects of market volatilities on Grand Baoxin and Uxin and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Grand Baoxin with a short position of Uxin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grand Baoxin and Uxin.
Diversification Opportunities for Grand Baoxin and Uxin
-0.06 | Correlation Coefficient |
Good diversification
The 3 months correlation between Grand and Uxin is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding Grand Baoxin Auto and Uxin in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Uxin and Grand Baoxin is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Grand Baoxin Auto are associated (or correlated) with Uxin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Uxin has no effect on the direction of Grand Baoxin i.e., Grand Baoxin and Uxin go up and down completely randomly.
Pair Corralation between Grand Baoxin and Uxin
If you would invest 419.00 in Uxin on November 28, 2024 and sell it today you would earn a total of 20.00 from holding Uxin or generate 4.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Grand Baoxin Auto vs. Uxin
Performance |
| Timeline |
| Grand Baoxin Auto |
| Uxin |
Grand Baoxin and Uxin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grand Baoxin and Uxin
The main advantage of trading using opposite Grand Baoxin and Uxin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grand Baoxin position performs unexpectedly, Uxin can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Uxin will offset losses from the drop in Uxin's long position.| Grand Baoxin vs. Consumer Automotive Finance | Grand Baoxin vs. AutoCanada | Grand Baoxin vs. Kaixin Auto Holdings | Grand Baoxin vs. Uxin |
| Uxin vs. Kingsway Financial Services | Uxin vs. KAR Auction Services | Uxin vs. Cango Inc | Uxin vs. U Power Limited |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Equity Valuation module to check real value of public entities based on technical and fundamental data.
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